Ascential plc, the specialist information, analytics and eCommerce optimisation company in the United Kingdom, has acquired Intrepid E-Commerce Services Pte. Ltd. (Intrepid), a provider of eCommerce execution services to brands in Singapore.

Ascential said in a statement on Thursday that the acquisition is for an initial cash consideration of $57 million, plus deferred consideration payable over four years, contingent on meeting certain financial targets, resulting in an estimated total consideration (including the initial consideration) of between $100 million and $197 million.

The maximum total consideration payable for Intrepid, in the event that very stretching targets are reached, is capped at $250 million.

Ascential said that Intrepid provides an entry point for the group’s digital commerce business into the fast growing South East Asian marketplaces, expanding its global footprint in this important region for eCommerce.

It said its clients are searching for ways to access the next billion consumers and South East Asia eCommerce provides a clear pathway to them over time.

Intrepid is an eCommerce and digital solutions provider that enables brands to seize the full potential of eCommerce in South East Asia, offering expert end-to-end omni-channel eCommerce management, digital marketing, and insights and analytics, all enabled by advanced inhouse technology.

The firm provides, primarily, eCommerce execution, backed by proprietary software solutions, to enterprise brands that trade on major South East Asia platforms such as Shopee and Lazada.

Headquartered in Singapore, the firm has 480 employees in offices across South East Asia in Singapore, Malaysia, Indonesia, Thailand, Vietnam and the Philippines. It is led by its Co-Founders: Jasper Knoben and Christopher Beselin, who is the firm Chief Executive Officer and Chairman respectively.

In the year ended December 2021, Intrepid recorded unaudited revenue of $17.8 million, with an unaudited earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of $4.5 million. For the twelve month period ended May 31, 2022, its unaudited revenue had grown to $23.1 million. As of December 2021, the firm had unaudited gross assets of $14.6 million.

Ascential expects the acquisition to be earnings enhancing from 2025.

“Intrepid’s strong presence in South East Asia, alongside its proven expertise operating across the major marketplaces in this important region, further enhances the capabilities and global reach of our Digital Commerce business. We look forward to welcoming our new colleagues into the Ascential family and continuing to expand our digital commerce capabilities together,” said Duncan Painter, Chief Executive Officer of Ascential.

Ascential delivers specialist information, analytics and eCommerce optimisation platforms to the world’s leading consumer brands and their ecosystems. Its businesses improve performance and solve problems for its customers by delivering immediately actionable information combined with visionary longer-term thinking across digital commerce, product design, marketing and retail and financial services.

Listed on the London Stock Exchange, the firm has more than 3,000 employees across five continents, and combines local expertise with a global footprint for clients in over 120 countries.

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